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It’s not too late to correct an earlier mistake The Canada Revenue Agency (CRA) offers taxpayers a second chance to correct earlier mistakes and put their tax affairs in order through the Voluntary Disclosures Program (VDP). If you have ever made a mistake on your...

Tax Credits for Those Over 65 If you were 65 years of age or older on December 31, 2015, then you might be eligible for some tax breaks. You might be eligible to claim a tax credit for being 65 years of age or older, depending on your income level. The maximum age...

Foreign Property Reporting Requirements Canadian residents are required to report their income on a worldwide basis. In addition, every individual must indicate on their personal income tax return whether they own “Specified Foreign Properties” with an aggregate cost...

Buying or selling real estate, or even just changing the use of your property, can trigger complicated tax implications. Familiarize yourself with these important facts whether you are currently a property owner or if you are thinking about buying your first home....

Caregiver Credit You might be eligible for the Caregiver Credit if you provide in-home care for a relative who resides with you, and the relative is yours or your spouse’s: parent or grandparent age 65 or older; or dependent aged 18 or older who is dependent on you...

Raising a family these days is expensive! Familiarize yourself with all the benefits and deductions to ensure you are taking full advantage of what you and your family are eligible to claim! Child Tax Benefits The Canada Child Tax Benefit (CCTB) is a non-taxable...

Employment Expenses If you moved in 2015 for employment, self-employment, or to attend a university or other postsecondary educational institution, you may claim a tax deduction for certain moving expenses if: 1) Your new residence is at least 40 kilometres closer to...

Employment Expenses Where you earn income from employment and are required by the terms of your employment to incur certain expenses, you might be able to claim a deduction in respect of these expenses on your tax return. Such expenses might include sales expenses for...

Carry-forward Amounts If you are unable to use certain deductions or tax credits in a particular tax year, you might be able to use them in a future year. Common carry-forward items include: • Non-capital losses: business losses arising in taxation years ending after...